DOB: News Bulletin 2037 - March 7, 2003

The Department of Banking News Bulletin 

 Bulletin # 2037
Week Ending March 7, 2003

This bulletin constitutes the only official notification you will receive from this office concerning any of the following applications. Any observations you may have are solicited. Any comments should be in writing to John P. Burke, Commissioner of Banking, at the Connecticut Department of Banking, 260 Constitution Plaza, Hartford, CT 06103-1800 or via E-mail to john.burke@ct.gov. Written comments will be considered only if they are received within ten days from the date of this bulletin.


BRANCH ACTIVITY

Section 36a-145 of the Connecticut General Statutes requires that each application for a branch, or for a limited branch at which loans will be made, be accompanied by a plan detailing how adequate services to meet the banking needs of all community residents will be provided. Plans are submitted when such applications are filed and are available for public inspection and comment at this Department for a period of 30 days. Questions concerning branch activity should be directed to the Bank Examination Division, (860) 240-8180.
Note: dates are listed in month/day/year format.

State Bank Activity

Date Bank Location Activity
02/10/2003 Naugatuck Valley
  Savings and Loan, S.B.
Naugatuck
49 Pershing Drive
Derby, CT  06418
opening
date
03/06/2003 Naugatuck SavingsBank
Naugatuck
910 Wolcott Street
Waterbury, CT  06705
approved

SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Broker-dealer Registration Revoked

On March 4, 2003, the Commissioner entered an Order revoking the broker-dealer registration of Discovery Capital Group, Inc. The firm maintains its principal office at 2768 North University Drive, Coral Springs, Florida. The revocation order incorporated as findings the allegations in the Commissioner's December 18, 2002 Notice of Intent to Revoke Registration as Broker-dealer and Notice of Right to Hearing against the firm. The revocation action was based on the October 24, 2002 entry of a permanent injunction against the firm by the United States District Court for the Southern District of Florida prohibiting the firm from violating the antifraud provisions in Section 17(a) of the Securities Act of 1933 as well as Sections 10(b), 15(c) and 17(a) of the Securities Exchange Act of 1934. Discovery Capital Group, Inc. did not contest the revocation of its broker-dealer registration.

Agent Registration Revoked

On March 4, 2003, the Commissioner entered an Order revoking the registration of John Patrick Abresch as an agent of Discovery Capital Group, Inc. The respondent's last known address is 6261 NW 125th Avenue, Coral Springs, Florida. The revocation order had been preceded by a December 18, 2002 Notice of Intent to Revoke Registration as Agent which stated that the respondent was the subject of an October 24, 2002 permanent injunction entered by the United States District Court for the Southern District of Florida. The injunction prohibited the respondent from violating the antifraud provisions in Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934. Respondent Abresch did not contest the revocation of his agent registration.

Agent Registration Revoked

On March 4, 2003, the Commissioner entered an Order revoking the registration of Erik Baxter Walsh as an agent of Discovery Capital Group, Inc. Respondent Walsh, the president of Discovery Capital Group, Inc., maintains an address at 4450 NW 95th Avenue, Coral Springs, Florida. The revocation order had been preceded by a December 18, 2002 Notice of Intent to Revoke Registration as Agent and Notice of Right to Hearing which recited that the respondent was subject to an October 24, 2002 permanent injunction entered by the United States District Court for the Southern District of Florida. The injunction prohibited the respondent from violating the antifraud provisions in Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934. Respondent Walsh did not contest the revocation of his agent registration.

Dated: Tuesday, March 11, 2003

John P. Burke
Commissioner